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Full-Text Articles in Law

Law School News: Rwu Law Acquires Top Marine Law Journal 08-19-2021, Michael M. Bowden Jul 2021

Law School News: Rwu Law Acquires Top Marine Law Journal 08-19-2021, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.


Price Elasticity Of Demand In The Market For Governance In Businesses Location Decisions In Oecd Nations From 2015-2019, Luke Kendall May 2021

Price Elasticity Of Demand In The Market For Governance In Businesses Location Decisions In Oecd Nations From 2015-2019, Luke Kendall

Senior Honors Theses

This study proposes a framework of viewing the competition between governments to attract businesses into their jurisdiction as a competitive market. Literature is reviewed on the market forces and incentives of businesses and governments in location decisions. A possible gap in the literature of quantifying the price elasticity of competition between national governments for business activity is identified. OECD data is analyzed using equations supported by literature and results are evaluated to better understand the elasticity of international location decisions. The results of this study indicate that elasticity varies widely between countries, and countries with smaller economies may face more ...


Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr. Apr 2021

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms ...


The Contract Interpretation Policy Debate: A Primer, Joshua M. Silverstein Feb 2021

The Contract Interpretation Policy Debate: A Primer, Joshua M. Silverstein

Faculty Scholarship

Contract interpretation is one of the most significant areas of commercial law. As a result, there is an extensive academic and judicial debate over the optimal method for construing agreements. Throughout this exchange, scholars and courts have advanced a wide array of conceptual, theoretical, and empirical arguments in support of the two primary schools of interpretation— textualism and contextualism—as well as various hybrid positions. This Essay is intended to serve as a primer on those arguments.


Noncompetes And Other Post-Employment Restraints On Competition: Empirical Evidence From Trade Secret Litigation, Christopher B. Seaman Jan 2021

Noncompetes And Other Post-Employment Restraints On Competition: Empirical Evidence From Trade Secret Litigation, Christopher B. Seaman

Scholarly Articles

Noncompete clauses in employment agreements are both common and controversial. An estimated twenty-eight million Americans—nearly twenty percent of the U.S. workforce—are currently bound by a noncompete. The traditional view that noncompete agreements can facilitate increased productivity by encouraging employers to invest in employee training has been challenged by numerous legal and economics scholars in recent years, who contend noncompetes hinder employment options for skilled workers and limit information spillovers, which are both vital drivers of innovation. Based on these claims, several states have recently limited the enforcement of noncompetes, and legislation is pending at the federal level ...


American Common Market Redux, Richard Collins Jan 2021

American Common Market Redux, Richard Collins

Articles

The Tennessee Wine case, decided in June of 2019, had a major effect on the path of the law for an issue not argued in it. The Supreme Court affirmed invalidity of a protectionist state liquor regulation that discriminated against interstate commerce in violation of the dormant commerce clause doctrine. Its holding rejected a vigorous defense based on the special terms of the Twenty-first Amendment that ended Prohibition—an issue of interest only to those involved in markets for alcoholic drinks. However, the Court’s opinion removed serious doubts about validity of the Doctrine itself, even though the petitioner and ...


Challenging Gender Discrimination In Closely Held Firms: The Hope And Hazards Of Corporate Oppression Doctrine, Meredith R. Miller Jan 2021

Challenging Gender Discrimination In Closely Held Firms: The Hope And Hazards Of Corporate Oppression Doctrine, Meredith R. Miller

Scholarly Works

The #MeToo Movement has ushered sexual harassment out of the shadows and thrown a spotlight on the gender pay gap in the workplace. Harassment and unfair treatment have, however, been difficult to extinguish. This has been true for all workers, including partners – those women who are owners in their firms and claim that they have suffered harassment or unfair treatment based on gender. That is because a partner’s lawsuit for discrimination often will suffer an insurmountable hurdle: plaintiff’s status as a partner in the firm means that they may not be considered an “employee” under the relevant employment ...


Appraising Problems, Not Stuff, Chad J. Pomeroy Jan 2021

Appraising Problems, Not Stuff, Chad J. Pomeroy

Faculty Articles

If you are a lawyer, you will deal with value. "Value," here, means the valuation of something. And all lawyers must concern themselves with this, in some way, at some point. Business lawyers, of course, help clients craft business plans, transactional strategies, and documents. Essentially, these are entirely directed to exchanges of value. Litigation lawyers, too, are effectively always contesting matters of value-lawsuits turn on the value of goods, opportunities, injuries, or any number of things. Family lawyers, government lawyers, criminal lawyers-all lawyers must deal with items or things of value at some point.


The Social Cost Of Contract, David A. Hoffman, Cathy Hwang Jan 2021

The Social Cost Of Contract, David A. Hoffman, Cathy Hwang

Faculty Scholarship at Penn Law

When private parties perform contracts, the public bears some of the costs. But what happens when society confronts unexpected contractual risks? During the COVID-19 pandemic, completing particular contracts—such as following through with weddings, conferences, and other large gatherings—will greatly increase the risk of rapidly spreading disease. A close reading of past cases illustrates that when social hazards sharply increase after formation, courts have sometimes rejected, reformed, and reinterpreted contracts so that parties who breach to reduce external harms are not left holding the bag.

This Essay builds on that observation in making two contributions. Theoretically, it characterizes contracts ...


Did The America Invents Act Change University Technology Transfer?, Cynthia L. Dahl Jan 2021

Did The America Invents Act Change University Technology Transfer?, Cynthia L. Dahl

Faculty Scholarship at Penn Law

University technology transfer offices (TTOs) are the gatekeepers to groundbreaking innovations sparked in research laboratories around the U.S. With a business model reliant on patenting and licensing out for commercialization, TTOs were positioned for upheaval when the America Invents Act (AIA) transformed U.S. patent law in 2011. Now almost ten years later, this article examines the AIA’s actual effects on this patent-centric industry. It focuses on the five key areas of most interest to TTOs: i) first to file priority; ii) broadening of the universe of prior art; iii) carve-out to the prior commercial use defense; iv ...


Delaware's Global Competitiveness, William J. Moon Jan 2021

Delaware's Global Competitiveness, William J. Moon

Faculty Scholarship

For about a hundred years, Delaware has been the leading jurisdiction for corporate law in the United States. The state, which deliberately embarked on a mission to build a haven for corporate law in the early twentieth century, now supplies corporate charters to over two thirds of Fortune 500 companies and a growing share of closely held companies. But Delaware’s domestic dominance masks the important and yet underexamined issue of whether Delaware maintains its competitive edge globally.

This Article examines Delaware’s global competitiveness, documenting Delaware’s surprising weakness competing in the emerging international market for corporate charters. It ...


The Hague Judgments Convention In The United States: A “Game Changer” Or A New Path To The Old Game?, Ronald A. Brand Jan 2021

The Hague Judgments Convention In The United States: A “Game Changer” Or A New Path To The Old Game?, Ronald A. Brand

Articles

The Hague Judgments Convention, completed on July 2, 2019, is built on a list of “jurisdictional filters” in Article 5(1), and grounds for non-recognition in Article 7. If one of the thirteen jurisdictional tests in Article 5(1) is satisfied, the judgment may circulate under the Convention, subject to the grounds for non-recognition found in Article 7. This approach to Convention structure is especially significant for countries considering ratification and implementation. A different structure was suggested in the initial Working Group stage of the Convention’s preparation which would have avoided the complexity of multiple rules of indirect jurisdiction ...


The Vulnerable Sovereign, Ronald A. Brand Jan 2021

The Vulnerable Sovereign, Ronald A. Brand

Articles

The connection between sovereignty and law is fundamental for both domestic (internal sovereignty) and the international (external sovereignty) purposes. As the dominant forms of government have evolved over time, so has the way in which we think about sovereignty. Consideration of the historical evolution of the concept of sovereignty offers insight into how we think of sovereignty today. A term that was born to represent the relationship between the governor and the governed has become a term that is used to represent the relationships between and among states in the global legal order. This article traces the history of the ...


A Hague Convention On Parallel Proceedings, Paul Herrup, Ronald A. Brand Jan 2021

A Hague Convention On Parallel Proceedings, Paul Herrup, Ronald A. Brand

Articles

The Hague Conference on Private International Law has engaged in a series of projects that, if successful, could provide the framework for critical aspects of trans-national litigation in the Twenty-first Century. Thus far, the work has resulted in the 2005 Hague Convention on Choice of Court Agreements and the 2019 Hague Convention on the Recognition and Enforcement of Judgments in Civil or Commercial Matters. Work now has begun to examine the need, desirability and feasibility of additional instruments in the area, with discussions of an instrument that would either require or prohibit the exercise of jurisdiction by national courts, and ...


Doctrinal Conflict In Foreign Investment Regulation In India: ​​Ntt Docomo Vs. Tata Sons And The Case For “Downside Protection”, M. P. Ram Mohan, Nobuhisa Ishizuka, Sidharth Sharma Jan 2021

Doctrinal Conflict In Foreign Investment Regulation In India: ​​Ntt Docomo Vs. Tata Sons And The Case For “Downside Protection”, M. P. Ram Mohan, Nobuhisa Ishizuka, Sidharth Sharma

Faculty Scholarship

The strategic importance of India as an investment destination for foreign investors is highlighted by ongoing tensions in the Indo-Pacific region, and the recognition that a strong economic relationship with India is in the interest of countries seeking a more stable balance of power in the region. From a policy perspective, India has struggled to balance its own economic interests with the commercial requirements of investors. Rules attempting to strike this balance have created uncertainties that have resulted in investors seeking greater protections, which in turn have triggered additional regulatory responses. The prevalent use of put options by foreign investors ...


Artificially Low Salaries And Tax Dodging, Hern Kuan Liu, Vincent Ooi Dec 2020

Artificially Low Salaries And Tax Dodging, Hern Kuan Liu, Vincent Ooi

Research Collection School Of Law

In the recent case of Wee Teng Yau v Comptroller of Income Tax, the Singapore Supreme Court considered the issue of tax avoidance by professionals for the first time. The case involved a dentist, Dr Wee, who was initially employed by Alfred Cheng Orthodontic Clinic Pte Ltd (ACOC). Subsequently, he incorporated Straighten Pte Ltd (SPL), of which he was the sole director and shareholder. Dr Wee continued to provide the same dental services to ACOC's patients as he had done before. However, instead of paying Dr Wee directly for his services, ACOC paid for his services to SPL, which ...


Dispute Settlement Under The African Continental Free Trade Area Agreement: A Preliminary Assessment, Olabisi D. Akinkugbe Nov 2020

Dispute Settlement Under The African Continental Free Trade Area Agreement: A Preliminary Assessment, Olabisi D. Akinkugbe

Articles, Book Chapters, & Popular Press

The African Continental Free Trade Area Agreement (AfCFTA) will add a new dispute settlement system to the plethora of judicial mechanisms designed to resolve trade disputes in Africa. Against the discontent of Member States and limited impact the existing highly legalized trade dispute settlement mechanisms have had on regional economic integration in Africa, this paper undertakes a preliminary assessment of the AfCFTA Dispute Settlement Mechanism (DSM). In particular, the paper situates the AfCFTA-DSM in the overall discontent and unsupportive practices of African States with highly legalized dispute settlement systems and similar WTO-Styled DSMs among other shortcomings. Notwithstanding the transplantation of ...


Algorithmic Personalized Pricing, Pascale Chapdelaine Oct 2020

Algorithmic Personalized Pricing, Pascale Chapdelaine

Law Publications

Price is an essential term at the heart of supplier-consumer transactions and relationships increasingly taking place in “micro-marketplace chambers,” where points of comparison with similar relevant products may be difficult to discern and time-consuming to make. This article critically reviews recent legal and economic academic literature, policy reports on algorithmic personalized pricing (i.e. setting prices according to consumers’ personal characteristics to target their willingness to pay), as well as recent developments in privacy regulation, competition law, and policy discourse, to derive the guiding norms that should inform the regulation of this practice, predominantly from a consumer protection perspective. Looking ...


Pragmatism In The Pandemic: The Protection Of Commercial Tenants In Singapore, Edward Ti Sep 2020

Pragmatism In The Pandemic: The Protection Of Commercial Tenants In Singapore, Edward Ti

Research Collection School Of Law

The COVID-19 epidemic has not spared any country, not least a densely populated country like Singapore. The government has been working tirelessly developing new policies and laws to mitigate the human and economic devastation brought on by the virus. The COVID-19 (Temporary Measures) Act 2020 (COTMA) is intended to tackle some of the negative effects brought about by COVID-19. With an initial application period of 6 months which can be amended at the Minister’s discretion, the COTMA covers a wide range of issues. Summarily, the COTMA provides for public health controls necessary to manage the health crisis, increases bankruptcy ...


Trading Through A Pandemic: The Singaporean Experience, Henry Gao, Dhiraj G. Chainani, Siu Farn Chew Sep 2020

Trading Through A Pandemic: The Singaporean Experience, Henry Gao, Dhiraj G. Chainani, Siu Farn Chew

Research Collection School Of Law

Being a small country with one of the highest trade-to-GDP ratios in the world, Singapore faced seemingly insurmountable challenges at the onset of the Coronavirus disease 2019 (COVID-19) pandemic. As countries around the world scrambled to fight the pandemic, they imposed restrictions on exports and imports, suspended international transportation of both goods and people, and invoked emergency power and exceptions to justify their actions. All these presented unprecedented challenges to Singapore, a country which relies on international trade not only for its prosperity but also for survival. This article discusses how Singapore tries to meet these challenges through various initiatives ...


The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez Jul 2020

The Low Usage Of Bankruptcy Procedures: A Cultural Problem? Lessons From Spain, Aurelio Gurrea-Martinez

Research Collection School Of Law

While filing for bankruptcy does not seem appealing for any debtor regardless of the jurisdiction, the reluctance to use the bankruptcy system varies across countries. This article explores the underlying reasons and economic effects of the low usage of bankruptcy procedures in Spain, where the rate of business bankruptcies is one of the lowest in the world. Some authors have argued that the low usage of bankruptcy procedures in Spain is due to a “cultural” problem faced by Spanish entrepreneurs. According to this hypothesis, the lack of a “bankruptcy culture” makes Spanish entrepreneurs afraid to use the bankruptcy system. In ...


Addressing The Auditor Independence Puzzle: Regulatory Models And Proposal For Reform, Martin Gelter, Aurelio Gurrea-Martinez Jul 2020

Addressing The Auditor Independence Puzzle: Regulatory Models And Proposal For Reform, Martin Gelter, Aurelio Gurrea-Martinez

Research Collection School Of Law

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust among public investors. Ex post, auditors can prevent misbehavior and financial fraud by corporate insiders. In order to fulfill these goals, however, in addition to having the adequate knowledge and expertise, auditors must perform their functions in an independent manner. Unfortunately, auditors are subject to conflicts of interest by, for example, providing non-audit services or the mere fact of being hired and paid by the audited company. Therefore, even if auditors act independently, investors have reason to think ...


Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt Jun 2020

Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments For Seed Investing, John L. Orcutt

Law Faculty Scholarship

In a well-functioning market, reasonable investors are less likely to invest in companies when they cannot confidently value the opportunity. This presents a serious problem for young startups because they are unavoidably difficult to value. Partly in response to the valuation challenge, specialized startup investors evolved how they contract for young-startup investments. Around 2005 they began using deferred-equity instruments (first convertible notes, and later safes and the KISS). Deferred-equity instruments offer a partial solution to the valuation challenge by allowing specialized startup investors to thoughtfully invest in venture capital-eligible young startups without valuing them at the time of investment. Deferred-equity ...


When Standards Collide With Intellectual Property: Teaching About Standard Setting Organizations, Technology, And Microsoft V. Motorola, Cynthia L. Dahl Jun 2020

When Standards Collide With Intellectual Property: Teaching About Standard Setting Organizations, Technology, And Microsoft V. Motorola, Cynthia L. Dahl

Faculty Scholarship at Penn Law

Technology lawyers, intellectual property (IP) lawyers, or even any corporate lawyer with technology clients must understand standard essential patents (SEPs) and how their licensing works to effectively counsel their clients. Whether the client’s technology is adopted into a voluntary standard or not may be the most important factor in determining whether the company succeeds or is left behind in the market. Yet even though understanding SEPs is critical to a technology or IP practice, voluntary standards and specifically SEPs are generally not taught in law school.

This article aims to address this deficiency and create more practice-ready law school ...


Regulation Of Lobster Bait Alternatives In New England, Victoria Rosa, Read Porter Jun 2020

Regulation Of Lobster Bait Alternatives In New England, Victoria Rosa, Read Porter

Sea Grant Law Fellow Publications

No abstract provided.


Unwritten Rules And The New Contract Paradigm, David A. Skeel Jr. May 2020

Unwritten Rules And The New Contract Paradigm, David A. Skeel Jr.

Faculty Scholarship at Penn Law

In a recent essay—part of a larger book project-- Douglas Baird contends that the standard accounts of the history of corporate reorganization miss an essential feature: the extent to which both current and prior practice have been governed by unwritten rules (such as full disclosure and the opportunity for each party to participate in the negotiations) that “are well-known to insiders, but largely invisible to those on the outside.” According to Professor Baird, the unwritten rules, not bankruptcy’s distribution provisions or other features of the Bankruptcy Code, are the essence of corporate reorganization.

This essay is a short ...


Law School News: Distinguished Research Professor: John Chung 05-24-2020, Michael M. Bowden May 2020

Law School News: Distinguished Research Professor: John Chung 05-24-2020, Michael M. Bowden

Life of the Law School (1993- )

No abstract provided.


Introduction To The Covid-19 Symposium On International Economic Law In The Global South, Olabisi D. Akinkugbe, James Thuo Gathii, Titilayo Adebola, Nthope Mapefane May 2020

Introduction To The Covid-19 Symposium On International Economic Law In The Global South, Olabisi D. Akinkugbe, James Thuo Gathii, Titilayo Adebola, Nthope Mapefane

Articles, Book Chapters, & Popular Press

The COVID-19 pandemic has disrupted all facets of human relations on a magnitude not witnessed in the post-World War II era. Due to the interdependence of countries in the international system, it is not surprising that the unfolding public health crisis has had significant ramifications for the functioning of the global economy as well. In responding to this global health crisis, and the associated fallouts, the academic community has a crucial role to play in finding solutions to the hydra-headed problems we all face. Driven by this sense of urgency and responsibility, AfronomicsLaw put out a call for contributions in ...


Commercial Law Intersections, Giuliano Castellano, Andrea Tosato Apr 2020

Commercial Law Intersections, Giuliano Castellano, Andrea Tosato

Faculty Scholarship at Penn Law

Commercial law is not a single, monolithic entity. It has grown into a dense thicket of subject-specific branches that govern a broad range of transactions and corporate actions. When one of these events falls concurrently within the purview of two or more of these commercial law branches - such as corporate law, intellectual property law, secured transactions law, conduct and prudential regulation - an overlap materializes. We refer to this legal phenomenon as a commercial law intersection (CLI). Some notable examples of transactions that feature CLIs include bank loans secured by shares, supply chain financing arrangements, patent cross-licensing, and blockchain-based initial coin ...


Lost In Transplantation: Modern Principles Of Secured Transactions Law As Legal Transplants, Charles W. Mooney Jr. Apr 2020

Lost In Transplantation: Modern Principles Of Secured Transactions Law As Legal Transplants, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This manuscript will appear as a chapter in a forthcoming edited volume published by Hart Publishing, Secured Transactions Law in Asia: Principles, Perspectives and Reform (Louise Gullifer & Dora Neo eds., forthcoming 2020). It focuses on a set of principles (Modern Principles) that secured transactions law for personal property should follow. These Modern Principles are based on UCC Article 9 and its many progeny, including the UNCITRAL Model Law on Secured Transactions. The chapter situates the Modern principles in the context of the transplantation of law from one legal system to another. It draws in particular on Alan Watson’s pathbreaking ...